Unitil Announces Exercise of Second Over-Allotment Option by Underwriters

HAMPTON, N.H., Jan. 12 /PRNewswire-FirstCall/ -- Unitil Corporation (NYSE:
UTL) today announced that its underwriters partially exercised their
over-allotment option for a second time to purchase an additional 160,000
shares of its common stock in connection with its previously announced public
offering that priced on December 10, 2008. The first partial exercise of the
over-allotment option was for 110,000 shares and closed on January 5, 2009.
Including the over-allotment shares purchased, Unitil has sold 2,270,000
shares at a public offering price of $20.00 per share, resulting in expected
net proceeds to the Company of approximately $43 million (after payment of the
underwriting discount, but excluding estimated offering expenses). The net
proceeds from this exercise will be used to repay short term indebtedness, as
were the net proceeds from the partial exercise that closed on January 5,
2009.

RBC Capital Markets Corporation is the lead underwriter for the offering. The
co-managers for the offering are Janney Montgomery Scott LLC., Oppenheimer &
Co. Inc., Brean Murray, Carret & Co., LLC., and Edward D. Jones & Co., L.P.

A copy of the final prospectus supplement and the accompanying base prospectus
relating to this offering may also be obtained from RBC Capital Markets
Corporation, 3 World Financial Center, 8th Floor, 200 Vesey Street, New York,
NY 10281; or from any of the other underwriters.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any security and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offering would be unlawful. The
offer is being made only through the prospectus supplement and the
accompanying base prospectus, which is part of a registration statement that
became effective on December 5, 2008.

About Unitil
Unitil is a public utility holding company with subsidiaries providing
electric and gas distribution service in New Hampshire and Massachusetts, gas
distribution service in Maine and energy services throughout the northeast.
Unitil has approximately 430 employees and serves approximately 167,000
utility customers in three states. Its utility affiliates include Unitil
Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern
Utilities, Inc. and Granite State Gas Transmission, Inc. Its other
subsidiaries include Unitil Service Corp. and its non-regulated business
segment Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil
Resources, Inc.

Forward Looking Statements:
This press release contains forward-looking statements, which are subject to
the inherent uncertainties in predicting future results and conditions. All
statements, other than statements of historical fact, are forward-looking
statements. Certain factors that could cause the actual results to differ
materially from those projected in these forward-looking statements include,
but are not limited to the following: variations in weather; changes in the
regulatory environment; customers' preferences on energy sources; general
economic conditions; increased competition; fluctuations in supply, demand,
transmission capacity and prices for energy commodities; and other
uncertainties, all of which are difficult to predict, and many of which are
beyond the control of Unitil Corporation.

Contact:
Mark H. Collin
603-773-6612
collin@unitil.com

SOURCE Unitil Corporation

Mark H. Collin of Unitil Corporation, +1-603-773-6612, collin@unitil.com